Fonterra Financial Overview

AMENA million 2021 2022 %A¹ 1 Sales volume² ('000 MT) 627 631 1% Revenue ($) 3,197 3,733 17% Gross profit ($) 470 535 14% Gross margin (%) 14.7% 14.3% Operating expenses ($) (279) (307) (10)% Other³ ($) 9 22 144% Normalised EBIT4 ($) 200 250 25% Includes EBIT attribution 17 40 135% from Group Operations ($) EBIT by Quarter ($ million) 194 ■2021 2022 131 113 69 23 56 Q1 Q2 Q3 Q4 Fonterra Dairy for life Sales volumes up due to increased milk collections and continued growth in our Chilean business Gross profit up $65 million, due to: o Improved pricing and product mix in Ingredients channel Continued volume and gross margin growth in our Chilean consumer business, offset by: o Lower gross margin due to higher cost of milk, particularly in Foodservice channel Increased EBIT attribution from Group Operations due to higher margins, particularly in the protein portfolio – such as caseinate and whey protein concentrate products - Note: Figures are for the six months ended 31 January and are on a normalised continuing operations basis. Comparative information includes re-presentations for consistency with the current period 1. Percentages as shown in table may not align to the calculation of percentages based on numbers in the table due to rounding of figures 2. Includes sales to other segments 3. Consists of other operating income, net foreign exchange gains/(losses) and share profit or loss on of equity accounted investees 4. This includes EBIT attribution from Group Operations 5. This is included in AMENA's EBIT. Refer to Glossary for explanation of Group Operations 31

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